Bitcoin has been under selling pressure over the last few days. The good thing is that the whales have continued to accumulate more coins, thus preventing the $60,000 -$61,000 support zone from collapsing. This is a clear indication that sentiment around Bitcoin remains bullish.
However, 10x Research’s Markus Thielen says the selling isn’t over just yet. He claims that Bitcoin miners are likely to offload BTC worth $5 billion after the halving event. Thielen says such a scenario will cause Bitcoin to trade sideways for a few months.
Sideways markets are known for trapping the bears and bulls as they give false breakouts. Therefore, crypto traders must avoid opening trades immediately when they see a breakout. Instead, they are advised to wait for breakouts to be sustained before opening positions.
So, which resistance levels do Bitcoin and other top digital coins have to cross to signal the end of the current corrective phase? Let’s look at the price charts to get answers.
Bitcoin Price Analysis
Following news that Iran had attacked Israel on Saturday night, short-term traders started selling off their positions, causing Bitcoin to plummet to the $60,774 support level, where the buyers purchased the dip. BTC is now valued at $63,389. If the bulls want to take complete control, they must propel the coin above the 20-day Exponential Moving Average of $67,583. Achieving this increases the possibility of a rally to $73,753. A break above this price enhances the prospects of further growth to $80,000. On the other hand, if the bears tug Bitcoin below $60,774, a fall to $54,231 will seem likely.
Ethereum Price Analysis
The $3,055 support briefly broke on April 13th, but the sellers couldn’t build a downward momentum, allowing the buyers to push ETH to $3,096 at the time of publishing this article. If the token continues rising, the 20-day Exponential Moving Average of $3,371.09 is a vital level to monitor. A price reverse from $3,371.09 might lead to Ethereum breaking below $3,055 and then heading toward $2,850.
On the positive side, if ETH breaks above $3,371.09, the bulls are likely to gain strength and push the token toward the $3,673.98 resistance level. Clearing this hurdle will boost the chances of an upward move to $4,067.
BNB Price Analysis
BNB is still consolidating. The coin has remained stuck inside the $496 – $643 range for several days. The Relative Strength Index (48.73) shows no advantage to the bears or the bulls. However, if BNB crosses above the 20-day Exponential Moving Average of $575.43, it may head toward $691.87 after breaking out at $643.
Meanwhile, if the coin drops below $496 in the coming days, it may touch $460.54 and even reach $400.12.
Solana Price Analysis
SOL failed to go above the 20-day Exponential Moving Average of $166.45 on April 12th. It reversed and dropped below the 50-day Simple Moving Average of $163.90 the same day. The sellers intensified selling pressure the following day, dragging Solana to the $126.22 support. The token has, however, rebounded to $138.43 as of this writing.
Still, Solana will need to trade above the moving averages to increase the possibility of any significant rally. If that happens, SOL could reach $250.30 after breaking above $204.86. Conversely, the digital token might head toward $100 if $126.22 fails.
Dogecoin Price Analysis
DOGE, the largest meme coin by market cap, has shed 5.4% of its value in the last 24 hours to trade at $0.1574 as of this writing. The current price means the bulls have failed to protect the support at the 20-day Exponential Moving Average of $0.1792, giving the bears a massive advantage. If more selling pressure is exerted on Dogecoin, the meme coin could plunge to the $0.1206 critical support, where intense buying activity is expected.
If the bulls drive DOGE above $0.1792, they may attempt to cause a surge to $0.2016 and later to $0.2100.
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